Panov: Oil prices are good for Arctic shelf projects

Falling oil prices are conducive to investment in the Arctic oil and gas infrastructure, RIA Novosti reported, citing Roman Panov, head of Rosgeologia state holding company.

Oil stock quotes have plummeted by over 50 percent since last summer. As of February 4, Brent Crude was down to $57 per barrel.

"As the hydrocarbon market is going down, we have a good opportunity to implement promising projects, invest in the infrastructure and create conditions for eventually launching production at these major fields, which will play a role during peak consumption," Panov said at the first International Youth Forum "The Arctic Expedition."

Panov also said that interest in the region was not waning, and that they had not scaled back their plans.

"We have reaffirmed most of our plans, including in the Arctic zone. We must develop this promising region," Panov added.